Gregmal Posted March 25, 2022 Share Posted March 25, 2022 Bought a boatload of PCYO this week from whatever loser is trying to exit. Link to comment Share on other sites More sharing options...
Cod Liver Oil Posted March 25, 2022 Share Posted March 25, 2022 I am starting a 500bp allocation to forced liquidations. Bought a little NTP and CPNG. Link to comment Share on other sites More sharing options...
cubsfan Posted March 25, 2022 Share Posted March 25, 2022 (edited) ^^ That's hilarious - I did the same after exiting APTS this week. Just kept hitting the PCYO ask, and here I thought it was gonna be hard to buy with the thin trading! Edited March 25, 2022 by cubsfan Link to comment Share on other sites More sharing options...
Gregmal Posted March 25, 2022 Share Posted March 25, 2022 Yea you can tell someone is desperate so Ive just been hanging out and waiting for asks to come in. Under 12 been whacking 3,000-5,000 share lots all week. Link to comment Share on other sites More sharing options...
cubsfan Posted March 25, 2022 Share Posted March 25, 2022 ^^ Nothing like quarter end window dressing! Link to comment Share on other sites More sharing options...
rayfinkle Posted March 27, 2022 Share Posted March 27, 2022 On 3/25/2022 at 1:09 PM, Gregmal said: Yea you can tell someone is desperate so Ive just been hanging out and waiting for asks to come in. Under 12 been whacking 3,000-5,000 share lots all week. Hey Greg- mind linking to a thesis if one’s handy? Been off the forum for a few months! Love forced selling… Link to comment Share on other sites More sharing options...
Gregmal Posted March 27, 2022 Share Posted March 27, 2022 44 minutes ago, rayfinkle said: Hey Greg- mind linking to a thesis if one’s handy? Been off the forum for a few months! Love forced selling… There’s a thread on it and the story is still pretty much the same. Just treading through the whole “time” aspect of the story. Q3 we should really start seeing some fun stuff. But elevator pitch is simple. You’ve got enough water to support a few good sized cities. $1.8b in “eventual” dollars. And the Sky Ranch project currently in phase 2 which should generate cash in excess of the current market cap over the next 5-7 years or so. As the homes get built the recurring revenue from water services grows. Oh yea, it’s all happening in one of the fastest growing MSAs which also happens to be facing a water shortage; Denver. Basically a JOE Jr. Link to comment Share on other sites More sharing options...
cubsfan Posted March 27, 2022 Share Posted March 27, 2022 ^^^ Was reading up the investor materials last night - really is a pretty unique asset with recurring revenue. Looks like it will just take some patience. Link to comment Share on other sites More sharing options...
Gregmal Posted March 27, 2022 Share Posted March 27, 2022 Yup. Harding is excellent as well. Candid and trustworthy, although a tad timid with the cash. But overall, an inflation proof company with hard assets that an idiot could buy and hold, and blindly buy the dip on at these levels and long term make out alright. Not the worst thing given the overall market uncertainty. Link to comment Share on other sites More sharing options...
cubsfan Posted March 27, 2022 Share Posted March 27, 2022 ^^^ I was looking at the balance sheet - and thinking somewhat the same. Bulletproof, but no leverage, hardly any liabilities. What's your take on that? Not like the typical real estate investor? Link to comment Share on other sites More sharing options...
Gregmal Posted March 27, 2022 Share Posted March 27, 2022 Nah Mark is super conservative. Been at the company for decades and has a lot of his net worth tied up in it. The track record is excellent. Total home run and definition of opportunistic. Look at what they paid for the 900 acres. But otherwise you’d have trouble finding further evidence bc they haven’t done much else. But I do think a buyback is becoming increasingly likely. The board has been reshaped over the years and is definitely shareholder oriented. But you hit the nail on the head. You can’t destroy the company and don’t need to do much to justify $250m EV. Link to comment Share on other sites More sharing options...
gfp Posted March 27, 2022 Share Posted March 27, 2022 (edited) 3 hours ago, Gregmal said: Look at what they paid for the 900 acres. Was it $7 million? https://www.sec.gov/Archives/edgar/data/0000276720/000095012310072361/c04363e8vk.htm Sounded on the most recent call that a buyback is not in the cards this year. "I can't have my cake and eat it too just yet." They are negotiating with land owners for potential M&A and they seem to really like to manage their cash carefully despite having visibility to at least $16m of reimbursements coming back in the near term. At least they were willing to finance 100% of the construction costs of the rental homes by rolling their finished lots into the equity portion (and instantly making 200k per home that doesn't show up in the financials). I like that Mark is very honest on the calls. Not overly promotional, not defensive, just answers each question with the truth. And 18 months out you have some really nice commercial developments anchored by a likely "super center with gas" type of grocery tenant. Edited March 27, 2022 by gfp Link to comment Share on other sites More sharing options...
Gregmal Posted March 27, 2022 Share Posted March 27, 2022 Yea 7 Link to comment Share on other sites More sharing options...
sleepydragon Posted March 28, 2022 Share Posted March 28, 2022 I bought Baba everyday for the past 6 days Link to comment Share on other sites More sharing options...
Gregmal Posted March 28, 2022 Share Posted March 28, 2022 Flipped my gold calls into silver calls Link to comment Share on other sites More sharing options...
Paarslaars Posted March 28, 2022 Share Posted March 28, 2022 Added to PPR.TO Link to comment Share on other sites More sharing options...
rayfinkle Posted March 29, 2022 Share Posted March 29, 2022 On 3/27/2022 at 8:34 AM, Gregmal said: There’s a thread on it and the story is still pretty much the same. Just treading through the whole “time” aspect of the story. Q3 we should really start seeing some fun stuff. But elevator pitch is simple. You’ve got enough water to support a few good sized cities. $1.8b in “eventual” dollars. And the Sky Ranch project currently in phase 2 which should generate cash in excess of the current market cap over the next 5-7 years or so. As the homes get built the recurring revenue from water services grows. Oh yea, it’s all happening in one of the fastest growing MSAs which also happens to be facing a water shortage; Denver. Basically a JOE Jr. Thanks Greg! Link to comment Share on other sites More sharing options...
Longnose Posted March 29, 2022 Share Posted March 29, 2022 Added some MU this AM. Link to comment Share on other sites More sharing options...
Blugolds11 Posted March 31, 2022 Share Posted March 31, 2022 Had the propane tank filled at the cabin, was gonna try and hold off but with recent cold snap decided to just fill it rather than play the game over the next couple weeks. Paid $2.62/gal Thats a 36% increase from last years 1.93 at this time.. And over double from the $1.30/gal I paid in 2020. 500 gal tank Link to comment Share on other sites More sharing options...
Gregmal Posted March 31, 2022 Share Posted March 31, 2022 More PCYO from whoever the feckless piker is who's selling down with urgency. Link to comment Share on other sites More sharing options...
Gregmal Posted April 1, 2022 Share Posted April 1, 2022 Xiaomi Link to comment Share on other sites More sharing options...
longlake95 Posted April 1, 2022 Share Posted April 1, 2022 another add to LNR.TO Link to comment Share on other sites More sharing options...
Dave86ch Posted April 1, 2022 Share Posted April 1, 2022 Added to 9988 (Alibaba) on Hong Kong Link to comment Share on other sites More sharing options...
WFF Posted April 2, 2022 Share Posted April 2, 2022 PCYO， recycling some APTS proceeds that are now over the line. Link to comment Share on other sites More sharing options...
matthew2129 Posted April 2, 2022 Share Posted April 2, 2022 NVR and LOW....housing market pullback be damned, I'm here for the buybacks Link to comment Share on other sites More sharing options...
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